Tuesday, May 31, 2016

German Bank: John Cryan clears up – SPIEGEL ONLINE

The German bank makes in its reconstruction according to CEO John Cryan progress. The money house had separated by hundreds of thousands customers and its IT systems easier, the Briton said at an investor conference.

In addition, Germany’s biggest bank could soon scandals by comparisons from the world create. “We are coming closer to financial statements,” Cryan said. “We make three to four fronts progress”. He was confident that the bank could end up as targeted settle the biggest litigation. These include money-laundering allegations in Russia and controversial mortgage business in the US.

Before a possible exit of Britain from the EU itself, the bank does not need to fear, according to Cryan. “We are a German bank – and Germany will not leak out until now.” In a Proposed referendum on United Kingdom membership of the European Union, the German bank would have to stop, however, like all financial institutions to market turmoil.

The Frankfurt want to try to protect themselves as well as possible against market fluctuations. “We turn to the defensive mode,” Cryan said. He would relocate for a Proposed referendum on United Kingdom membership of the European Union in the long run businesses from London to continental Europe. “Our customers want then probably no longer acting government bonds of euro zone countries in London”. The institute employs in the UK more than 8,000 people, including many investment bankers.

Renewed losses expected

Due to the restructuring in the current year, the German bank could again red numbers Write, the CEO said. The restructuring, which should be by the end largely complete, stand 2016 but in the foreground. It is important that the Bank slimmer lays and would withdraw from little profitable areas, say the eleven months acting CEO. In the past year, the bank had closed more than 750,000 accounts.

Even with the planned closure of 200 branches in Germany and the associated elimination of 4000 jobs Cryan will soon have clarity. Negotiations with the works council had “terribly long” attracted, he said. The uncertainty of who has to go at the end, expresses many of the approximately 100,000 employees worldwide on the mood.

The talks with the works befänden now but in the final stages, Cryan said. “I am confident that we will reach an agreement in the next one to two months and then can move forward with the branch closures and job losses”.

At the same time, the bank is looking for alternatives to an IPO of Postbank , “Although we could pull an IPO, but we want it now not because I believe that the price that we would achieve for our shareholders not attractive would,” Cryan said. Therefore, the bank should wait for a better climate for IPOs – or search for “more creative ways” to separate from their participation. “But the bank is for sale,” he said.